Seaport Res Ptn Brokers Cut Earnings Estimates for nVent Electric plc (NYSE:NVT)

nVent Electric plc (NYSE:NVT) – Equities researchers at Seaport Res Ptn dropped their Q3 2024 earnings per share estimates for nVent Electric in a research report issued to clients and investors on Wednesday, August 7th. Seaport Res Ptn analyst S. Graham now forecasts that the company will earn $0.82 per share for the quarter, down from their prior estimate of $0.87. The consensus estimate for nVent Electric’s current full-year earnings is $3.27 per share. Seaport Res Ptn also issued estimates for nVent Electric’s Q4 2024 earnings at $0.86 EPS and Q3 2025 earnings at $0.94 EPS.

nVent Electric (NYSE:NVT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). The firm had revenue of $880.30 million during the quarter, compared to analysts’ expectations of $892.89 million. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period last year, the company earned $0.77 earnings per share.

Several other research analysts also recently commented on the stock. Royal Bank of Canada reduced their price target on shares of nVent Electric from $88.00 to $82.00 and set an “outperform” rating on the stock in a research note on Wednesday. Barclays raised their price objective on nVent Electric from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Citigroup upped their target price on nVent Electric from $91.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, The Goldman Sachs Group lifted their price objective on nVent Electric from $77.00 to $87.00 and gave the company a “buy” rating in a report on Monday, May 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $87.80.

nVent Electric Trading Up 1.5 %

NVT traded up $0.94 during trading hours on Thursday, reaching $63.72. 1,677,437 shares of the company’s stock traded hands, compared to its average volume of 1,505,156. The firm has a 50-day moving average price of $74.87 and a 200 day moving average price of $72.88. The firm has a market capitalization of $10.58 billion, a PE ratio of 18.58, a PEG ratio of 1.52 and a beta of 1.31. The company has a quick ratio of 1.35, a current ratio of 1.99 and a debt-to-equity ratio of 0.54. nVent Electric has a 52-week low of $45.60 and a 52-week high of $86.57.

nVent Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Friday, July 19th were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.19%. The ex-dividend date was Friday, July 19th. nVent Electric’s payout ratio is 22.16%.

Insider Activity

In related news, EVP Lynnette R. Heath sold 8,242 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $60.26, for a total value of $496,662.92. Following the transaction, the executive vice president now directly owns 30,432 shares of the company’s stock, valued at approximately $1,833,832.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On nVent Electric

A number of hedge funds have recently made changes to their positions in NVT. Massachusetts Financial Services Co. MA increased its position in shares of nVent Electric by 16.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 4,884,487 shares of the company’s stock worth $374,201,000 after purchasing an additional 673,990 shares in the last quarter. Boston Partners raised its position in shares of nVent Electric by 3.2% in the first quarter. Boston Partners now owns 3,325,834 shares of the company’s stock valued at $250,770,000 after buying an additional 102,643 shares during the last quarter. Clean Energy Transition LLP lifted its stake in shares of nVent Electric by 1.6% in the fourth quarter. Clean Energy Transition LLP now owns 2,540,545 shares of the company’s stock worth $150,121,000 after buying an additional 39,169 shares in the last quarter. Congress Asset Management Co. MA lifted its stake in shares of nVent Electric by 1.2% in the first quarter. Congress Asset Management Co. MA now owns 2,219,332 shares of the company’s stock worth $167,338,000 after buying an additional 26,897 shares in the last quarter. Finally, Norges Bank acquired a new position in nVent Electric during the fourth quarter worth about $109,630,000. Institutional investors and hedge funds own 90.05% of the company’s stock.

About nVent Electric

nVent Electric plc, together with its subsidiaries, designs, manufactures, markets, installs, and services electrical connection and protection solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company operates through three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management.